Sports Direct raises full year profit forecast
Sports Direct raised its full year profit forecast following a strong third quarter performance.
Group total sales for the 13 weeks ending 24 January 2010 were £370m (2009: £355m) and gross profit was £154m (2009: £143m). Retail sales increased 9.4% year on year to £326m (2009: £298m), and retail gross profit increased 11.5% to £136m (2009: £122m). The Brands division revenue declined 22.8% to £44m (2009: £57m), and the corresponding gross profit declined 14.3% to £18m (2009: £21m)
The Company announced at its interim results on 10 December 2009 that the Board expect to achieve full year underlying EBITDA of at least £155m, after the £10m charge for the bonus share scheme. Based on current trading and subject to current exchange rates, the group is now targeting underlying EBITDA of at least £160m.
Dave Forsey, Chief Executive of Sports Direct International plc, said: "The Board is pleased with the Group's trading performance during the quarter. The UK retail division continued to deliver strong results, particularly in online sales at Sportsdirect.com, where sales accounted for over 5% of the total UK revenue during the quarter."
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